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September 29, 2017

Comprehensive view from the locals: Paraguay

Contributors from Paraguay were asked three questions: What were the highlights/trends in your market last year? (i.e. important mergers, regulatory changes, economic situation etc.); What are the opportunities and challenges for accounting firms in the market?; What are the expectations for the future short/medium/long term?


By Dolly Diaz, partner, Baker Tilly Paraguay


Highlights of the past year have been regulatory changes, computerisation of different control entities and the start of verifications of sworn statements submitted by the Comptroller’s Office (IRP and IRAGRO). Others are the implementation of virtual retentions, the unification of the period of presentation and payment of such, payment through electronic transfers becoming compulsory, which affects the majority of taxpayers, and more taxpayers being obliged to present informational affidavits, among others.

The Ministry of Finance has issued a resolution regulating the scope of review for mandatory tax audits.

Looking forward, the expectations are to value better our service offering and that taxpayers become aware of the great work that must be carried out to fulfil all the demands in time. Another would be to generate more consulting work to achieve improve the organisation and efficiency of clients’ internal structures.

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